Fact Checking Obama’s Phony Accounting on the Auto Industry Bailout

Yeah, it’s the new accounting, Obama-style (To Hell with the birth certificate, I demand to see his math scores from K through college). They tried this about a year ago… GM and Chrysler claiming they paid off loans, but had used other loans and/or bailout funds to do so. Oddly, Barry was in Ohio at that time too throwing out his proud chest and touting the accomplishment, as he was last week in Toledo.

via President Obama’s phony accounting on the auto industry bailout – The Fact Checker – The Washington Post.

With some of the economic indicators looking a bit dicey, President Obama traveled to Ohio last week to tout what the administration considers a good-news story: the rescue of the domestic automobile industry. In fact, he also made it the subject of his weekly radio address.

We take no view on whether the administration’s efforts on behalf of the automobile industry were a good or bad thing; that’s a matter for the editorial pages and eventually the historians. But we are interested in the facts the president cited to make his case.

What we found is one of the most misleading collections of assertions we have seen in a short presidential speech. Virtually every claim by the president regarding the auto industry needs an asterisk, just like the fine print in that too-good-to-be-true car loan.

We all do, or have done, something similar to this at one time or another when things have gotten tight in our personal budgets. But we don’t fool ourselves that it’s anything more than “Robbing Peter to pay Paul” or worse “Moving the deck chairs on the Titanic”. This administration believes it’s “Mission Accomplished”… Better yet, some twisted “Monopoly” win. And, as The Heritage Foundation points out today, despite all the writing on the wall, Obama wants you and the 13.9 million unemployed Americans to hang on for the ride in the flooding ditch he’s dug us into… and continues to dig. The car is sinking, Barry, and your vaunted chief economic adviser, Austan Goolsbee, is jumping out to save himself. It’s the Chicago way.